Investment and Finance

If the beneficiary is not the surviving spouse the account ceases to be a HSA as of the DOD of the owner and the value on the DOD must be included in the beneficiaries income.

To deduct contributions, the Keogh plan must be adopted by the last day of the year ( December 31, for calendar year entities). The funding of the contribution can be made up to the due date of the return for that year including extensions.

A Keogh plan is a tax deferred pension plan available to self-employed individuals or unincorporated businesses for retirement purposes. A Keogh plan can be set up as either a defined-benefit or defined-contribution plan. Contributions are generally tax deductible up to 25% of annual income with a limit of $51,000 ($50,000 in 2012). Keogh plan types include money-purchase plans (used by high-income earners), defined-benefit plans (which have high annual minimums) and profit-sharing plans (which offer annual flexibility based on profits). As with other qualified retirement accounts, funds can be accessed as early as age 59.5 and withdrawals must begin by age 70.5.

A Defined-Benefit Plan is a type of Keogh plan. It is a employer-sponsored retirement plan where employee benefits are calculated based on a formula using factors such as salary history and duration of employment. Investment risk and portfolio management are entirely under the control of the company. There are also restrictions on when and how you can withdraw these funds without penalties.

HR(10) plans are Keogh plans.

The IRS does not require that brokerage firms report options sales on form 1099-B. The IRS does require brokerage firms to report the assignment or exercise of options if cash is received as a result of the assignment or exercise.

A short sale is a sale of stock that you do not own but borrow for purposes of the sale from a broker. Brokerage firms are required by the IRS to report all stock and bond security sales, including short sales. A short sale is considered a sale according to the IRS regulations and must be reported to you and then indicated on form 1099-B.

A short sale is a sale of stock that you do not own but borrow for purposes of the sale from a broker.
Brokerage firms are required by the IRS to report all stock and bond security sales, including short sales.
A short sale is considered a sale according to the IRS regulations and must be reported to you and then indicated on form 1099-B.

Gross proceeds and profit you made are two different numbers.
Gross proceeds are the total amount associated with the sale of securities that are reported to the IRS and must be listed on your tax return.
The (profit) gain or loss is determined by calculating the difference between the original cost (plus previously taxed dividends from mutual funds) from the sales price.